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OVER the next two years, some 500 small to medium-sized manufacturers can get help to go green under a new memorandum of understanding between DBS and the Singapore Manufacturing Federation (SMF).

Launched on Thursday (Feb 27) with the support of SkillsFuture Singapore (SSG), the initiative will provide subsidised training, resources and financial solutions related to reducing emissions.

As a SkillsFuture Queen Bee partner, DBS receives funding support for this partnership from SSG, though details were not available.

Manufacturing contributes about a fifth of Singapore’s gross domestic product – but is also responsible for nearly half of Singapore’s primary greenhouse gas emissions, said Lim Him Chuan, Singapore country head of DBS, at the launch.

In a recent survey by SMF, 91 per cent of respondents identified sustainability as critical to their global competitiveness.

As a key driver of Singapore’s economy and a sector with significant decarbonisation potential, manufacturing has an opportunity to lead the transition to a greener future, said Koh Kar Siong, DBS group head of corporate and SME banking.

Lennon Tan, president of SMF, said: “By providing structured guidance, hands-on training and financial resources, we are enabling manufacturers to future-proof their businesses and strengthen Singapore’s position as a leader in sustainable industrial practices.”

The partnership has three main parts.

The first is training. Workshops will be held on key sustainability concepts and industry best practices, such as measuring carbon footprints and implementing energy-efficient manufacturing processes.

Later this year, a customised industry playbook will be launched. It will serve as a reference tool on integrating sustainability into business strategies.

The second is “complementary sustainability programmes”. For isntance, DBS’s ESG Ready Programme helps businesses build stronger sustainability capabilities, develop road maps and access green financing. Meanwhile, through its Chief Sustainability Officer-as-a-Service Programme, SMF offers on-demand access to sustainability experts who can give tailored advice to manufacturers.

Lastly, DBS will offer sustainable financing options – including electric vehicle financing, green property loans, and “eco-renovate” loans – to enable businesses to invest in green technology and infrastructure.

“This partnership builds on our ongoing efforts to create a robust ecosystem of support for SME and mid-sized enterprises, providing them with the tools, targeted skills development programme, expertise and financial solutions they need to thrive in an evolving landscape,” said Lim.